Coincidental to the following TIME Magazine article, the Orleans MLS Tour was hosted by Claudette Vickery, Mortgage Officer for Sovereign Bank this past Thursday. She related an incident which took place about a week and a half ago when the mortgage rates dropped to 5-1/4% for a period of less than a day. She called forty borrowers with whom she had been working to share her professional opinion that this was a very short-lived, incredible opportunity to lock in at a very low rate. Twenty of those forty did so; the other twenty are now looking at rates of 6-1/2.
She also discussed the obvious fact that even though some prospective buyers may feel waiting for property values to drop even further, with interest rates on the rise, their ultimate cost for purchase will be much higher than if they were to act now.
This TIME Magazine article sets it forth very clearly, I think...
Sally
Sally Tucker
The Tucker Group
Kinlin Grover GMAC Real Estate
193 Route Cranberry Highway – Route 6A
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